The Co-CEOs of Blu Label Unlimited, Brett and Mark Levy, have seen their remuneration skyrocket by nearly 80% from R20.8 million to R37.4 million each between 2024 and 2025.
This surge is primarily due to a substantial increase in their short-term and long-term incentives, reflecting the company’s improved financial performance. Their fixed salaries rose by 6% from R11.7 million to R12.4 million, while their short-term bonuses increased dramatically by 128%, from R6.6 million to R15.2 million each. Furthermore, their long-term incentives through Blu Label’s conditional share plan saw a staggering rise from R2.5 million to R9.8 million, representing an increase of nearly 296%.
To qualify for the short-term incentives, the Levy brothers had to meet specific individual key performance indicators and were evaluated against the company’s normalised EBITDA and core headline earnings. Long-term performance metrics included growth in core headline earnings per share and various environmental, social, and governance targets.
The Levy brothers’ increased earnings follow a remarkable year for Blu Label, which experienced a share price rise of over 175% from approximately R4.30 in June 2024 to R11.86 by the end of May 2025. Investor confidence in the company’s plans to revamp Cell C has contributed significantly to this surge in interest and share price.
Despite the impressive share price performance, Blu Label’s financial health has been inconsistent. Since 2017, the company has seen its revenue decline from around R27 billion to just over R14 billion by 2024. Similarly, net income has deteriorated over the same period, although it did improve from R647 million last year to R2.48 billion.
The Levy brothers’ substantial earnings come on the heels of a challenging journey for Blu Label, especially following their investment in Cell C, which faced severe performance issues. After impairing their investment to nil in May 2019, Blu Label worked to rescue Cell C, which accounted for roughly 25% of its total profits from airtime sales.
In recent developments, Cell C has implemented a turnaround strategy focused on enhancing operational efficiencies. Changes include recapitalising the company and outsourcing its radio network infrastructure to major players like Vodacom and MTN. The new management team aims to create a more sustainable and profitable business model, with plans to franchise store operations while retaining a few key locations.
Overall, while the Levy brothers’ remuneration reflects the company’s potential, the financial journey of Blu Label and Cell C remains complex and fraught with challenges.